As the New year approaches, we get busy making resolutions related to health, lifestyle, etc. but do we ever make financial resolutions?
But what kind of resolutions can I take?
List of the financial resolutions for make your 2024 financial fruitful!
I’ll assess my debts
Assessing your debts involves taking stock of all your financial obligations. Create a list categorizing debts like credit cards, loans, and mortgages. Note interest rates, minimum payments, and total amounts owed. Evaluate your monthly income, create a budget, and prioritize debts. Explore repayment strategies, negotiate terms if possible, and consider building an emergency fund. Seek professional advice if debts become overwhelming. This process empowers you to make informed decisions and develop effective strategies for debt management and repayment
I’ll simplify my tax-saving plan
Absolutely, it might sound dull, but dealing with your taxes is crucial. If you act now, you can make it simpler by starting a SIP in ELSS funds before the March 31st deadline. This way, you spread out your investment, reducing the risk of trying to time the market with a lump sum amount. It’s a smart move to save more and stress less.
I will Buy Health Insurance
Health Insurance: It’s like a safety net for your well-being. While some people have it, many still don’t. The pandemic highlighted the importance of having health insurance. You never know when a medical emergency might strike, so having your own health insurance is key – not just relying on the one your employer provides. It’s your shield against unexpected health challenges.
I will build an Emergency Fund
Like health insurance, there could be other emergencies that need to be addressed monetarily. For this reason, it is important to build emergency fund which has roughly 6 months of your income.
I will create a monthly budget.
A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term.
Know more about Expense Management
I will decide my asset allocation.
Once you’ve set aside some money for investing, think about where you want to invest it. Consider your life situation, and spread your investments across different types of assets to create a varied and balanced investment portfolio.
I will invest in assets that beat inflation
Think of it this way: Your investments should grow faster than the inflation rate. If not, your money loses value. For a positive outcome, consider assets like stocks or equity mutual funds, which often yield returns higher than inflation.
I will not make FOMO Investment.
I won’t succumb to FOMO (Fear of Missing Out) investments. Instead, I’ll make informed decisions based on my financial goals and risk tolerance, avoiding impulsive choices driven by market trends or societal pressure. Staying focused on my investment strategy will lead to more stable and satisfying financial outcomes.
I will up-skill
I am committed to ups-killing in the realm of finance. By enhancing my financial knowledge and understanding various aspects of investment, budgeting, and wealth management, I aim to make more informed decisions for a secure financial future. Continuous learning will empower me to navigate the complexities of the financial world with confidence and competence.
So what are you waiting for? Use this list of resolutions and start your 2024 with financial stability and clarity!
Disclaimers:
An investor education initiative By Findola Wealth Research Team.
This article is generated and published by Findola Wealth Research Team.
Investment in securities market are subject to market risks, read all the related documents carefully before investing.
This article is for information purposes only and is not meant to influence your investment decisions. It should not be treated as a mutual fund recommendation or advice to make an investment decision in the above-mentioned schemes.
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